Singur and adjoining areas are likely to see a total freeze in land transactions in the short term owing to loss of interest in the area.
Santosh Rungta, chairman of the Rungta group, a Kokata-based real estate developer, had planned to set up an IT, housing and biotechnology park in Singur.
"We had purchased a small piece of land in Singur. Now we are waiting for the situation to improve. If the Tata Motors project does not come up, no one will buy land from us in the area. We will have to keep the land as it is now," said Rungta.
Image: Labourers busy at work at a contruction site in Singur | Photograph: Deshakalyan Chowdhury/AFP/Getty Images
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